Xerox Holdings Corporation (XRX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	-$0.18	$0.38	+311.1%	—	—	—
Q3 26	-$0.27	-$0.43	-59.3%	—	—	—
Q2 26	-$0.18	$0.2	+211.1%	—	—	—
Q1 26	$0.07	-$0.64	-1014.3%	—	—	—
Q4 25	-$0.04	-$0.06	-50.0%	—	—	—
Q3 25	$0.49	$0.36	-26.5%	—	—	—
Q2 25	$0.51	$0.25	-51.0%	—	—	—
Q1 25	$0.43	$0.29	-32.6%	—	—	—
Q4 24	$0.35	$0.06	-82.9%	—	—	—
Q3 24	$0.56	$0.43	-23.2%	—	—	—
Q2 24	$0.39	$0.46	+17.9%	—	—	—
Q1 24	$0.32	$0.44	+37.5%	—	—	—
Q4 23	$0.17	$0.49	+188.2%	—	—	—
Q3 23	$0.49	$0.89	+81.6%	—	—	—
Q2 23	$0.4	$0.19	-52.5%	—	—	—
Q1 23	$0.16	$0.13	-18.8%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$8.25	—	—	$7B	—
FY24	—	-$10.8	—	—	$6.2B	—
FY23	—	-$0.09	—	—	$6.9B	—
FY22	—	-$2.15	—	—	$7.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.8B	$10B	$9.7B	$9.1B	$7B	$7B	$7.1B	$6.9B	$6.2B	$7B
YoY change	-6.05%	-7.24%	-3.29%	-6.17%	-22.5%	+0.23%	+0.98%	-3.11%	-9.66%	+12.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.8B	10B	9.7B	9.1B	7B	7B	7.1B	6.9B	6.2B	7B
Cost of revenue	6.5B	5.9B	5.8B	5.4B	4.4B	4.6B	4.8B	4.6B	4.3B	5.1B
Gross profit	4.3B	4.1B	3.9B	3.6B	2.6B	2.4B	2.3B	2.3B	2B	1.9B
Gross margin	40%	40.7%	40%	40.3%	37.4%	34.1%	32.6%	33.6%	31.5%	27.1%
Research & development	463M	424M	397M	373M	311M	310M	304M	229M	191M	230M
Selling, general & administrative	2.6B	2.5B	2.4B	2.1B	1.9B	1.7B	1.8B	1.7B	1.5B	1.6B
Operating expenses	3.1B	2.9B	2.8B	2.5B	2.2B	2B	2.1B	1.9B	1.7B	1.9B
Operating income	1.1B	1.1B	1B	1.1B	417M	320M	212M	353M	159M	-56M
Operating margin	10.7%	10.8%	10.8%	12.7%	5.94%	4.55%	2.98%	5.13%	2.56%	-0.8%
Non-operating income, net	-404M	-444M	-397M	-236M	-85M	-700M	-457M	-329M	-1.3B	-198M
Pretax income	568M	525M	549M	822M	252M	-472M	-325M	-28M	-1.2B	-488M
Income tax	62M	468M	247M	179M	64M	-17M	-3M	-29M	105M	541M
Net income	-460M	207M	374M	1.4B	192M	-455M	-322M	1M	-1.3B	-1B
Net margin	-4.27%	2.07%	3.87%	15%	2.73%	-6.46%	-4.53%	0.01%	-21.2%	-14.7%
EBITDA	1.6B	1.4B	1.4B	1.6B	828M	737M	508M	589M	361M	173M
EPS	2.32	0.71	1.4	6.03	0.85	-2.56	-2.15	-0.09	-10.8	-8.25
Diluted EPS	2.32	0.71	1.38	5.8	0.84	-2.56	-2.15	-0.09	-10.8	-8.25

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.8B	1.5B	1.6B	1.5B	1.6B	1.5B	1.6B	2B	2B	1.8B	1.9B
Cost of revenue	1.1B	1.2B	1.1B	1.1B	1B	1.1B	1B	1.1B	1.5B	1.4B	1.3B	1.2B
Gross profit	536M	592M	443M	520M	495M	502M	426M	451M	445M	579M	549M	688M
Gross margin	32.4%	33.5%	29.5%	33%	32.4%	31.1%	29.2%	28.6%	22.7%	28.6%	29.7%	35.8%
Research & development	52M	56M	49M	50M	45M	47M	42M	43M	74M	71M	64M	67M
Selling, general & administrative	416M	440M	397M	392M	370M	377M	378M	368M	477M	421M	430M	432M
Operating expenses	468M	496M	446M	442M	415M	424M	420M	411M	551M	492M	494M	499M
Operating income	63M	86M	-13M	68M	70M	35M	-4M	30M	-136M	54M	25M	159M
Operating margin	3.81%	4.87%	-0.87%	4.31%	4.58%	2.17%	-0.27%	1.9%	-6.94%	2.66%	1.35%	8.27%
Non-operating income, net	12M	-149M	-114M	-15M	-1.1B	-12M	-32M	-41M	-87M	-38M	-17M	-31M
Pretax income	64M	-87M	-150M	25M	-1.1B	-4M	-67M	-60M	-300M	-61M	-73M	31M
Income tax	15M	-30M	-37M	7M	118M	17M	23M	46M	460M	12M	32M	18M
Net income	49M	-59M	-113M	18M	-1.2B	-21M	-90M	-106M	-760M	-73M	-105M	13M
Net margin	2.97%	-3.34%	-7.52%	1.14%	-78.9%	-1.3%	-6.18%	-6.73%	-38.8%	-3.6%	-5.69%	0.68%
EBITDA	122M	146M	31M	103M	102M	126M	21M	67M	-49M	134M	105M	224M
EPS	0.29	-0.5	-0.94	0.12	-9.71	-0.2	-0.75	-0.87	-6.01	-0.6	-0.84	0.07
Diluted EPS	0.28	-0.5	-0.94	0.11	-9.71	-0.2	-0.75	-0.87	-6.01	-0.6	-0.84	0.07

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.8B	7.4B	4.9B	—	4.8B	—	—	2.7B	—	299.7M	428.1M
Enterprise value	9.9B	11.6B	9.1B	—	7B	—	—	5.7B	—	4.4B	4.5B
Shares outstanding	253.4M	254.3M	248.7M	222M	209M	183.2M	156M	149.1M	124.2M	126.5M	126.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	35.8	13.1	—	25.2	—	—	2.7K	—	—	15.5
P/S	0.54	0.74	0.51	—	0.69	—	—	0.4	—	0.04	0.06
P/B	1.17	1.35	0.94	—	0.83	—	—	0.99	—	0.45	1.35
EV/EBITDA	6.29	8.21	6.33	—	8.46	—	—	9.63	—	25.2	8.59
EV/Sales	0.92	1.16	0.94	—	1	—	—	0.82	—	0.62	0.58
Earnings yield	—	2.79%	7.61%	—	3.96%	—	—	0.04%	—	—	6.45%
FCF yield	11.3%	-5.02%	21.4%	—	9.78%	—	—	23.7%	—	44.4%	296.4%
PEG	—	—	—	—	—	—	—	—	—	—	-0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40%	40.7%	40%	40.3%	37.4%	34.1%	32.6%	33.6%	31.5%	27.1%	35.8%
Operating margin	10.7%	10.8%	10.8%	12.7%	5.94%	4.55%	2.98%	5.13%	2.56%	-0.8%	7.28%
Net margin	-4.27%	2.07%	3.87%	15%	2.73%	-6.46%	-4.53%	0.01%	-21.2%	-14.7%	-11.9%
ROE	-9.27%	3.76%	7.12%	23.4%	3.3%	-10.2%	-9%	0.04%	-101.3%	-152.9%	-97.1%
ROA	-2.55%	1.3%	2.51%	9.04%	1.3%	-3.44%	-2.79%	0.01%	-15.8%	-10.5%	0.97%
ROIC	11.3%	1.2%	6.11%	11.6%	3.9%	4.48%	3.27%	6.18%	3.68%	-1.18%	2.38%
Return on tangible assets	-4.65%	2.9%	5.83%	20.6%	3.26%	-7.6%	-6.08%	0.02%	-33.9%	-31.7%	-26.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.5	1.91	1.45	1.79	2.33	1.66	1.23	1.14	1.12	1.11	1.18
Quick ratio	1.32	1.57	1.19	1.59	1.99	1.42	0.99	0.91	0.86	0.79	0.85
Debt / equity	1.27	1	1	0.8	0.82	1.02	1.11	1.25	2.75	6.8	7.79
Debt / assets	0.35	0.35	0.35	0.31	0.32	0.34	0.34	0.35	0.43	0.47	0.43
Net debt / EBITDA	2.59	2.98	2.9	1.21	2.61	3.66	5.73	4.99	8.34	23.5	9
Interest coverage	4.14	5.41	5.82	8.83	3.68	-3.92	-2.57	0.59	-9.22	-0.97	-0.17
Effective tax rate	10.9%	89.1%	45%	21.8%	25.4%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	42.5	39.3	38.8	40.8	33.6	38.4	45.6	46.2	50.1	55.5	60.3
EPS (basic)	2.32	0.71	1.4	6.03	0.85	-2.56	-2.15	-0.09	-10.8	-8.25	-8.25
EPS (diluted)	2.32	0.71	1.38	5.8	0.84	-2.56	-2.15	-0.09	-10.8	-8.25	-7.4
Book value per share	19.6	21.7	21.1	26.2	27.8	24.3	22.9	18.6	10.5	5.32	2.46
FCF per share	2.6	-1.46	4.22	5.71	2.27	3.06	0.65	4.35	3.76	1.05	0.9
Cash per share	8.77	5.08	4.35	12.3	12.6	10	6.7	3.48	4.64	4.05	3.77
Capex per share	0.54	0.41	0.36	0.29	0.35	0.37	0.37	0.25	0.35	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.28%	1.05%	0.93%	0.72%	1.05%	0.97%	0.8%	0.54%	0.71%	—	—
Capex / operating cash flow	22.7%	-22.2%	9.16%	5.52%	13.2%	-87.2%	-20.1%	6.13%	-6.3%	—	—
Payout ratio	-72%	140.6%	71.9%	17.9%	119.8%	-45.3%	-54%	16.5K%	-10.7%	-6.9%	94.3%
Dividend yield	5.68%	3.92%	5.47%	—	4.75%	—	—	6.04%	—	23.7%	3.07%

Yield

3.07%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.025

ex-dividend Sep 30, 2026

Payout ratio

94%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.025
Jun 30, 2026	$0.025
Mar 31, 2026

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.8B	$1.5B	$1.6B	$1.5B	$1.6B	$1.5B	$1.6B	$2B	$2B	$1.8B	$1.9B
YoY change	-5.65%	-9.07%	-12.4%	-10%	-7.51%	-8.61%	-3%	-0.13%	+28.3%	+25.7%	+26.7%	+22%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.2B	1.3B	1.1B	2.7B	2.6B	1.8B	1B	519M	576M	512M
Receivables	741M	1.2B	1.1B	1.1B	834M	754M	791M	781M	740M	1.1B
Inventory	841M	915M	829M	694M	843M	696M	797M	661M	695M	1B
Total current assets	7B	5.2B	4.7B	6.1B	5.8B	4.7B	4.1B	3.2B	2.9B	3.6B
Property, plant & equipment	243M	174M	147M	315M	199M	98M	62M	25M	6M	459M
Goodwill & intangibles	8.2B	8.8B	8.5B	8.4B	8.9B	7.2B	6.2B	6B	4.5B	6.6B
Total assets	18.1B	15.9B	14.9B	15B	14.7B	13.2B	11.5B	10B	8.4B	9.8B
Accounts payable	1.1B	1.1B	1.1B	1.1B	983M	1.1B	1.3B	1B	1B	1.5B
Short-term debt	1B	282M	961M	1.1B	479M	731M	928M	608M	631M	295M
Total current liabilities	4.7B	2.7B	3.3B	3.4B	2.5B	2.8B	3.3B	2.8B	2.6B	3.2B
Long-term debt	5.3B	5.2B	4.3B	3.5B	4.3B	3.8B	3B	2.9B	3B	4.3B
Total liabilities	13.1B	10.4B	9.6B	9.2B	8.9B	8.8B	8B	7.2B	7.1B	9.2B
Shareholders' equity	5B	5.5B	5.3B	5.8B	5.8B	4.5B	3.6B	2.8B	1.3B	673M
Total debt	6.3B	5.5B	5.2B	4.6B	4.8B	4.5B	4B	3.5B	3.6B	4.6B
Net debt	4.1B	4.2B	4.1B	1.9B	2.2B	2.7B	2.9B	2.9B	3B	4.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	532M	519M	685M	485M	521M	576M	336M	449M	479M	512M	585M	495M
Receivables	1.7B	781M	1.6B	1.5B	1.3B	740M	1.3B	1.4B	1.1B	1.1B	1.2B	1.1B
Inventory	728M	661M	736M	737M	732M	695M	836M	871M	1.1B	1B	1B	1B
Total current assets	3.4B	3.2B	3.3B	3.1B	3B	2.9B	2.9B	3.5B	3.8B	3.6B	3.8B	3.7B
Property, plant & equipment	530M	25M	502M	480M	480M	6M	443M	436M	727M	459M	670M	661M
Goodwill & intangibles	5.8B	6B	5.8B	5.7B	3.7B	4.5B	4.4B	4.4B	6.3B	6.6B	6.2B	6.2B
Total assets	10.4B	10B	9.9B	9.5B	8.3B	8.4B	8.2B	8.9B	10.1B	9.8B	9.9B	9.7B
Accounts payable	1B	1B	1B	936M	895M	1B	1.1B	1.1B	1.5B	1.5B	1.5B	1.5B
Short-term debt	870M	608M	405M	129M	519M	631M	599M	458M	354M	295M	165M	70M
Total current liabilities	3B	2.8B	2.4B	2B	2.4B	2.6B	2.6B	2.4B	3.4B	3.2B	3.2B	3.1B
Long-term debt	2.7B	2.9B	3.2B	3.2B	2.8B	3B	2.7B	3.5B	4.1B	4.3B	4.3B	4.2B
Total liabilities	7.6B	7.2B	7.6B	6.9B	6.8B	7.1B	6.9B	7.5B	9.5B	9.2B	9.4B	9.2B
Shareholders' equity	2.8B	2.8B	2.4B	2.6B	1.5B	1.3B	1.3B	1.4B	594M	673M	529M	554M
Total debt	3.6B	3.5B	3.6B	3.3B	3.3B	3.6B	3.3B	3.9B	4.4B	4.6B	4.4B	4.2B
Net debt	3.1B	2.9B	2.9B	2.8B	2.8B	3B	3B	3.5B	3.9B	4.1B	3.9B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	633M	70M	310M	651M	192M	-455M	-322M	1M	-1.3B	-1B
Depreciation & amortization	563M	527M	526M	430M	368M	327M	270M	251M	274M	331M
Stock-based compensation	50M	52M	57M	50M	42M	54M	75M	54M	52M	45M
Change in working capital	-749M	-671M	75M	23M	19M	307M	-179M	204M	356M	343M
Operating cash flow	609M	-473M	983M	1.2B	562M	-78M	-284M	604M	-698M	224M
Capital expenditure	-138M	-105M	-90M	-65M	-74M	-68M	-57M	-37M	-44M	—
Investing cash flow	166M	165M	-29M	-85M	-246M	-85M	-78M	-5M	-198M	-607M
Dividends paid	-331M	-291M	-269M	-243M	-230M	-206M	-174M	-165M	-141M	-71M
Share repurchases	0	0	-700M	-600M	-300M	-888M	-113M	-544M	-8M	0
Financing cash flow	593M	-985M	-1.3B	-1.8B	-416M	-1.3B	-822M	-1.2B	-271M	404M
Net change in cash	1.4B	-1.3B	-347M	-742M	-100M	-1.5B	-1.2B	-603M	-1.2B	21M
Free cash flow	660M	-372M	1.1B	1.3B	474M	561M	102M	649M	467M	133M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	49M	-59M	-113M	19M	-1.2B	-23M	-90M	-106M	-760M	-73M	-105M	13M
Depreciation & amortization	63M	62M	59M	59M	59M	97M	60M	57M	107M	107M	100M	101M
Stock-based compensation	12M	14M	12M	17M	9M	14M	12M	14M	7M	12M	9M	9M
Change in working capital	22M	285M	-64M	49M	158M	213M	-28M	18M	638M	-287M	-98M	-96M
Operating cash flow	116M	405M	-127M	86M	-993M	246M	-88M	-11M	116M	208M	-144M	37M
Capital expenditure	-12M	-10M	-10M	-8M	-9M	-17M	-20M	—	—	—	—	—
Investing cash flow	25M	-8M	-17M	-2M	-7M	-172M	6M	1M	-654M	20M	-3M	17M
Dividends paid	-43M	-34M	-37M	-34M	-36M	-34M	-39M	-19M	-7M	-6M	-10M	-6M
Share repurchases	-544M	0	-3M	0	0	-5M	0	0	0	0	—	—
Financing cash flow	-94M	-163M	261M	-336M	-74M	-122M	-159M	618M	118M	-173M	242M	11M
Net change in cash	47M	234M	117M	-252M	-1.1B	-48M	-241M	608M	-420M	55M	95M	65M
Free cash flow	112M	379M	-89M	115M	107M	334M	-109M	-30M	88M	184M	-165M	11M

Date	Ratio
Jun 15, 2017	1:4
Jun 14, 2017	1:4
Jan 3, 2017	1518:1000
Feb 24, 1999	2:1
Jun 7, 1996	3:1

Xerox Holdings Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history